Quote : re competition in a free market economy

"Most everyone agrees that competition is vital to a well-functioning market economy. Since the days of Adam Smith, economists have understood that the invisible hand of the marketplace works only if producers of goods and services vie with one another. Competition keeps prices low and provides an incentive to improve and innovate."


N. Gregory Mankiw, Professor of Economics at Harvard University and advisor to Mitt Romney in the campaign for the Republican presidential nomination




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